VN well prepared for luxury apartments, buyers deserve quality: Gateway Thao Dien developer
Nguyen Hoang Tuan, Chairman and Founder of SonKim Holdings Investment talks about the company and his vision for the Vietnamese real estate market.
What does the "Real Estate Personality of the Year" award mean to you and SonKim Land Corporation?
Nguyen Hoang Tuan - Chairman and Founder of SonKim Holdings Investment
The award is an honour not only for me but also for everyone at SonKim Land for the innovative solutions for luxury real estate in Viet Nam over the past year. I represent the talented and passionate people at SonKim Land in receiving this prestigious award. This award is a milestone that marks the development of SonKim Land over the past year, especially its Gateway Thao Dien project.
What is your leadership style?
At SonKim Land, quality is a key principle in business operations. Our products are designed meticulously under the strictest standards.
To achieve it, human resources and corporate culture are very important. SonKim Land's personnel policy is to attract and retain talent. Compensation and benefits are based on performance and efficiency.
Moreover, in all our operations, we encourage discussions and arguments to arrive at the best decisions. This creates an active and passionate environment at SonKim Land.
Tell us briefly about your vision for the future of Viet Nam's real estate market?
From 2013 end, thanks to the economic recovery, housing demand has also been increasing.
The Vietnamese property sector is developing and expanding in the high-end segment. In the second quarter of 2015, the high-end segment in HCM City saw the second highest number of luxury residential projects launched in history (with 4,500 apartment units for sale).
In Ha Noi, the high-end segment made up 30 per cent of total apartments in the market, equivalent to 1,581 units. This is three times the number in the previous quarter and the highest since 2012.
We believe that Viet Nam is well prepared for luxury products and buyers deserve high-quality products of international standards. This understanding guides SonKim Land in developing high-quality products based on real-time demand to usher in a better lifestyle for customers. SonKim Land focuses on luxury property projects and seeks to bring high-quality products of international standard to the Viet Nam market as its strategic vision.
What are the current or pending projects that can help you achieve your vision?
In 2015 we have two luxury residential projects, including Gateway Thao Dien which was launched at the end of May by SonKim Land and Hamon Developments.
Gateway Thao Dien has 439 luxury residential units, 85 serviced apartments and 22 penthouses. The project is expected to offer a new standard for elite people in Thao Dien in District 2, HCM City. The views from these apartments of the city and the Sai Gon River are scenic. Besides, Gateway Thao Dien is located in a prime spot on Ha Noi Highway close to An Phu metro station in future. In addition, each apartment is meticulously designed to meet high quality and aesthetic standards.
"In 2015 we have two luxury residential projects, including Gateway Thao Dien which was launched at the end of May by SonKim Land and Hamon Developments".
In two months since the company put the apartments up for sale, 60 per cent has been sold and the project has received positive feedback from customers.
Nassim project, which is being launched in the last quarter of this year, is expected to be the most luxurious project in the eastern part of HCM City as well as to bring a difference to the real estate market.
Moreover, we are developing some projects in the hospitality sector.
What are your thoughts on the recent changes to foreign housing ownership laws?
After five years of pilot implementing, there are only 427 cases of house ownership by foreigners in Viet Nam while there are 80,000 foreign professionals working here with 21,000 foreigners satisfying all the requirements to own a house.
The amendments to the Housing Law, which took effect on July 1 and allow foreigners and overseas Vietnamese to buy housing in the country, is a good sign for the property market in Viet Nam since they will stimulate consumption in the luxury housing segment. For a foreign individual, there is no more concern about owning houses as well as the limited number of owned houses in Viet Nam. For overseas Vietnamese, now it is easy to buy a house and they have all the same privileges as a Vietnamese.
In addition, the amendment to the law will play an important role in persuading investors on the secondary market (especially foreign companies) to buy houses for sell or lease. This is convenient to do now since bank interest rate are low.